【Theory webinar】Dynamic Incentives in Incompletely Specified Environments
2020/11/26
研討會日期 : 2020-11-26
時間 : 09:00
主講人 : Professor Gabriel Carroll
地點 : Conference Room C103
演講者簡介 : Professor Carroll received his Ph.D. in Economics from Massachusetts Institute of Technology in 2012. He is currently an Associate Professor at Stanford University. His research fields are Microeconomic theory and Game theory.
演講摘要 : Consider a repeated interaction where it is unknown which of various stage games will be played each period. This framework captures the logic of intertemporal incentives even though numeric payoffs to any strategy prole are indeterminate. A natural solution concept is ex post perfect equilibrium (XPE): strategies must form a subgame-perfect equilibrium for any realization of the sequence of stage games. When (i) there is one long-run player and others are short-run, and (ii) public randomization is available, we can adapt the standard recursive approach to determine the maximum sustainable gap between reward and punishment. This leads to an explicit characterization of what outcomes are supportable in equilibrium, and an optimal penal code that supports them. Any non-XPE-supportable outcome fails to be an SPE outcome for some (possibly ambiguous) specification of the stage games. Unlike in standard repeated games, restrictions (i) and (ii) are crucial.
